Developer docs
API playgroundTry for free, no card

Search company profiles

Blue Water Energy

Full company profile

uuid0002157

Namestring
Blue Water Energy
Legal namestring
Blue Water Energy LLP
Company typeenum
Private
Founded yearint
2014
Descriptiontext

Blue Water Energy LLP is a London-based specialist private equity firm, authorised and regulated by the UK Financial Conduct Authority (reference 565160), that provides buy-out and growth capital to companies operating across the global energy supply chain. Founded in 2014, the firm applies a four-theme investment framework — critical components and manufacturing, smart energy services, energy intelligence and digital systems, and strategic infrastructure and lifecycle services — combined with four value-creation levers (corporate carve-outs, industrialisation, buy-and-build growth, and internationalisation) to acquire and scale industrial and technology-enabled energy businesses.

The firm's portfolio comprises 14 or more companies spanning smart metering (IMServ, which manages over 25% of UK electricity consumption), industrial valves and actuators (Severn Group, including LB Bentley, ValvTechnologies and Severn Glocon), LNG production and distribution (EDGE Energy, Galileo Technologies), energy storage (GES Global Energy Storage), pipeline and subsea services (CRC Evans, Unique Group, EXLOG), oil and gas exploration (Wellesley Petroleum), VR-based energy training (3t), and authentication solutions (Authentix). Notable portfolio outcomes include the announced $480 million sale of Severn Group to Valmet Corporation (announced December 2025) and the 2025 divestitures of GES's Amsterdam and Rotterdam terminals after nearly a decade of ownership.

Blue Water Energy generates revenue through private equity fund management — earning management fees on committed or invested capital from institutional limited partners — supplemented by carried interest on successful portfolio exits. The firm sells exclusively to institutional investors via direct relationship management and an investor portal (efrontcloud), with no disclosed public pricing. Its 11-50 employees are concentrated at its London headquarters, and it maintains a global footprint spanning the UK, wider Europe, the Nordics, the Netherlands, Egypt and Saudi Arabia through its portfolio companies and partnerships.

Short descriptiontext

Blue Water Energy is a London-based specialist private equity firm providing buy-out and growth capital to companies across the global energy supply chain, managing a portfolio of 14+ industrial, smart-energy, and infrastructure businesses for institutional investors.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
11–50
akta.pro rankint
HeadquartersLondon, United Kingdom
HQ citystring
London
HQ countrystring
United Kingdom
HQ regionstring
Europe
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
private equity services, energy sector investing, buyout growth capital, energy supply chain, portfolio company management
Industry2 codes
1Energy & Sustainability / Climate Growth Equity
CodeFSANACAGPrimaryYes
2Renewable Energy Infrastructure
CodeFSAAAKAGPrimaryNo
Product category
Private Equity / Energy Investment
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model2 records
1Private Equity Fund Management
TypeSubscription Recurring
Description

Manages private equity funds providing buy-out and growth capital to energy sector companies. Generates returns through portfolio company value creation and eventual exits.

bluewaterpe.com
2Carried Interest / Performance Fees
TypeLicensing Royalties
Description

Earns carried interest from successful portfolio company exits and investments, aligning fund manager incentives with investor returns.

bluewaterpe.com
Marketing channels6 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels2 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Pricing details1 tier
1Institutional Investment Management
ModelOtherBilling cadenceMulti-year contract
Notes

Private equity fund management services for institutional investors. Specific terms quote-based.

bluewaterpe.com
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

Blue Water Energy is a specialist private equity firm that provides buy-out and growth capital as well as strategic support to companies operating across the global energy supply chain. The firm pursues investments across oil, gas, power, mining, carbon capture and storage, and hydrogen sectors, applying four value creation levers (corporate carve-outs, industrialisation, buy-and-build, and internationalisation) to acquire and grow portfolio companies. It currently manages a portfolio of 14+ companies spanning critical components manufacturing, smart energy services, energy intelligence and digital systems, and strategic infrastructure lifecycle services.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 2 values shown
  • Transformed Severn Group from British manufacturer to global industrial firm, sold to Valmet for $480 million
+1 more record
Product overview1 text field

Blue Water Energy is a specialist private equity firm offering buy-out and growth capital investment services coupled with strategic support to companies across the global energy supply chain. The firm operates through four investment themes: Critical components & manufacturing (mission-critical engineered components), Smart energy services (tech-enabled service providers with automation and remote operations), Energy intelligence and digital systems (platforms leveraging industrial data, AI and predictive analytics), and Strategic infrastructure & lifecycle services (operators building, operating and maintaining long-lived energy infrastructure). The portfolio spans 14 companies including IMServ (smart meter technology managing 25% of UK electricity consumption), 3T (VR-based energy training), Wellesley Petroleum (oil and gas exploration), Severn Group (industrial valves and actuators), CRC Evans (pipeline services), FOX Innovation (compressor technology), Authentix (authentication solutions), EDGE Energy (LNG infrastructure), and GES Global Energy Storage, among others.

Product and service1 record
1Blue Water Energy Private Equity Investment Services
CategoryPrivate equity investment services
Description

Buy-out and growth capital investment services coupled with strategic support for energy sector companies operating across the global energy supply chain, spanning oil, gas, power, mining, carbon capture and storage, and hydrogen sectors. Investment thesis combines four themes (critical components and manufacturing, smart energy services, energy intelligence and digital systems, and strategic infrastructure and lifecycle services) with four value creation levers (corporate carve-outs, industrialisation, buy-and-build, and internationalisation).

Scale indicator6 records

Each record includes

Type, Value, Description, Source

Partnership2 partners
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2026-04-02
Description

3t (Bluewater portfolio company) and ENPPI signed a Strategic MOU to strengthen energy training in Egypt. This is a mutual partnership for joint development of energy sector training capabilities.

Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2026-03-05
Description

Equinor and Wellesley Petroleum (Bluewater portfolio company) announced a Joint Exploration Project in March 2026.

Recent move7 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Peers10 records
TypeDirect peer
Description

US-based private equity firm focused on power generation, energy infrastructure, and oil & gas investments. Most direct comparable as a specialist energy PE platform with multiple value-creation levers analogous to Blue Water's buy-and-build, industrialisation, and internationalisation thesis.

TypeDirect peer
Description

Energy-focused private equity firm investing across power, midstream, and oil & gas infrastructure. Directly comparable as a vertically specialised energy PE GP with a similar portfolio of operating businesses and infrastructure assets.

TypeDirect peer
Description

Specialist energy private equity firm focused on oil and gas exploration, production, and energy services. Closely comparable given shared exposure to upstream (Wellesley) and energy services portfolio (Unique Group, CRC Evans).

TypeDirect peer
Description

European-focused infrastructure investment firm with energy and utilities exposure. Highly comparable as a UK/European-headquartered specialist energy infrastructure investor with overlapping geographic and sector mandate.

TypeDirect peer
Description

Listed UK infrastructure investment company with energy sector exposure. Comparable as a UK-based investment platform with energy infrastructure and operational asset mandates, though listed rather than private.

TypeDirect peer
Description

Global energy and energy-related infrastructure private equity firm. Directly comparable as a specialist energy PE investor with portfolio company operating models across energy supply chain segments.

TypeBroad incumbent
Description

Mega-cap private equity platform with dedicated energy and infrastructure strategies. A broad incumbent operating in the same energy PE space with substantially greater scale and capital base than Blue Water.

TypeBroad incumbent
Description

Global alternative asset manager with a major renewable energy and energy transition platform. Adjacent incumbent in energy infrastructure investment, with similar focus on decarbonisation and energy supply chain value capture.

TypeBroad incumbent
Description

Major infrastructure and energy investment platform within KKR. Comparable in mandate scope across energy infrastructure and operating companies, with materially larger fund sizes and global reach.

TypeEmerging player
Description

Specialist energy transition infrastructure investor focused on renewables, grid services, and decarbonisation. Comparable as a focused energy PE platform with overlapping themes (smart energy services, energy intelligence, infrastructure lifecycle), though at an earlier growth stage.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat5 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment2 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile2 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature4 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles7 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries14 records

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment15 records

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Blue Water Energy

Private Equity / Energy Investmentbluewaterenergy.com

Blue Water Energy is a London-based specialist private equity firm providing buy-out and growth capital to companies across the global energy supply chain, managing a portfolio of 14+ industrial, smart-energy, and infrastructure businesses for institutional investors.

What Blue Water Energy does

Blue Water Energy LLP is a London-based specialist private equity firm, authorised and regulated by the UK Financial Conduct Authority (reference 565160), that provides buy-out and growth capital to companies operating across the global energy supply chain. Founded in 2014, the firm applies a four-theme investment framework — critical components and manufacturing, smart energy services, energy intelligence and digital systems, and strategic infrastructure and lifecycle services — combined with four value-creation levers (corporate carve-outs, industrialisation, buy-and-build growth, and internationalisation) to acquire and scale industrial and technology-enabled energy businesses.

The firm's portfolio comprises 14 or more companies spanning smart metering (IMServ, which manages over 25% of UK electricity consumption), industrial valves and actuators (Severn Group, including LB Bentley, ValvTechnologies and Severn Glocon), LNG production and distribution (EDGE Energy, Galileo Technologies), energy storage (GES Global Energy Storage), pipeline and subsea services (CRC Evans, Unique Group, EXLOG), oil and gas exploration (Wellesley Petroleum), VR-based energy training (3t), and authentication solutions (Authentix). Notable portfolio outcomes include the announced $480 million sale of Severn Group to Valmet Corporation (announced December 2025) and the 2025 divestitures of GES's Amsterdam and Rotterdam terminals after nearly a decade of ownership.

Blue Water Energy generates revenue through private equity fund management — earning management fees on committed or invested capital from institutional limited partners — supplemented by carried interest on successful portfolio exits. The firm sells exclusively to institutional investors via direct relationship management and an investor portal (efrontcloud), with no disclosed public pricing. Its 11-50 employees are concentrated at its London headquarters, and it maintains a global footprint spanning the UK, wider Europe, the Nordics, the Netherlands, Egypt and Saudi Arabia through its portfolio companies and partnerships.

Blue Water Energy firmographics

Firmographics
Name
Blue Water Energy
Legal name
Blue Water Energy LLP
Website
https://bluewaterenergy.com
Company type
Private
Founded year
2014
Operating status
Operating
Headcount range
11–50 employees
Short description
Blue Water Energy is a London-based specialist private equity firm providing buy-out and growth capital to companies across the global energy supply chain, managing a portfolio of 14+ industrial, smart-energy, and infrastructure businesses for institutional investors.
Ownership category
akta.pro rank

Blue Water Energy industry classification

Industry
Product category
Private Equity / Energy Investment
akta.pro primary industry
Energy & Sustainability / Climate Growth Equity (FSANACAG)
akta.pro secondary industry
Renewable Energy Infrastructure (FSAAAKAG)

Keywords

  • Private equity services
  • Energy sector investing
  • Buyout growth capital
  • Energy supply chain
  • Portfolio company management

Where Blue Water Energy is headquartered

Location

Headquarters

HQ city
London
HQ country
United Kingdom
HQ region
Europe

Offices1 record

Markets served

Blue Water Energy business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

  1. Private Equity Fund Management: Manages private equity funds providing buy-out and growth capital to energy sector companies. Generates returns through portfolio company value creation and eventual exits.
  2. Carried Interest / Performance Fees: Earns carried interest from successful portfolio company exits and investments, aligning fund manager incentives with investor returns.

Pricing tiers

ModelBillingPrice
OtherMulti-year contractInstitutional Investment Management

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Blue Water Energy product offering

Product offering

Core offering

Blue Water Energy is a specialist private equity firm that provides buy-out and growth capital as well as strategic support to companies operating across the global energy supply chain. The firm pursues investments across oil, gas, power, mining, carbon capture and storage, and hydrogen sectors, applying four value creation levers (corporate carve-outs, industrialisation, buy-and-build, and internationalisation) to acquire and grow portfolio companies. It currently manages a portfolio of 14+ companies spanning critical components manufacturing, smart energy services, energy intelligence and digital systems, and strategic infrastructure lifecycle services.

Product overview

Blue Water Energy is a specialist private equity firm offering buy-out and growth capital investment services coupled with strategic support to companies across the global energy supply chain. The firm operates through four investment themes: Critical components & manufacturing (mission-critical engineered components), Smart energy services (tech-enabled service providers with automation and remote operations), Energy intelligence and digital systems (platforms leveraging industrial data, AI and predictive analytics), and Strategic infrastructure & lifecycle services (operators building, operating and maintaining long-lived energy infrastructure). The portfolio spans 14 companies including IMServ (smart meter technology managing 25% of UK electricity consumption), 3T (VR-based energy training), Wellesley Petroleum (oil and gas exploration), Severn Group (industrial valves and actuators), CRC Evans (pipeline services), FOX Innovation (compressor technology), Authentix (authentication solutions), EDGE Energy (LNG infrastructure), and GES Global Energy Storage, among others.

Differentiator

Problem solved

Functional benefit

Products and services

  • Blue Water Energy Private Equity Investment Services Buy-out and growth capital investment services coupled with strategic support for energy sector companies operating across the global energy supply chain, spanning oil, gas, power, mining, carbon capture and storage, and hydrogen sectors. Investment thesis combines four themes (critical components and manufacturing, smart energy services, energy intelligence and digital systems, and strategic infrastructure and lifecycle services) with four value creation levers (corporate carve-outs, industrialisation, buy-and-build, and internationalisation).

Quantifiable outcome

  • Transformed Severn Group from British manufacturer to global industrial firm, sold to Valmet for $480 million
  • +1 more outcomes

Companies that use Blue Water Energy

Customer profile

Segments2 records

Ideal customer profiles2 records

Blue Water Energy technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature4 records

Blue Water Energy partnerships and signals

Strategic signal

Partnerships

Two partnerships are on record, tiered core.

  • ENPPIcoreStrategic or Co-development Partner · 2 April 20263t (Bluewater portfolio company) and ENPPI signed a Strategic MOU to strengthen energy training in Egypt. This is a mutual partnership for joint development of energy sector training capabilities.
  • EquinorcoreStrategic or Co-development Partner · 5 March 2026Equinor and Wellesley Petroleum (Bluewater portfolio company) announced a Joint Exploration Project in March 2026.

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Blue Water Energy competitors and assessment

Company assessment

Direct peers

  • Energy Capital Partners: US-based private equity firm focused on power generation, energy infrastructure, and oil & gas investments. Most direct comparable as a specialist energy PE platform with multiple value-creation levers analogous to Blue Water's buy-and-build, industrialisation, and internationalisation thesis.
  • ArcLight Capital Partners: Energy-focused private equity firm investing across power, midstream, and oil & gas infrastructure. Directly comparable as a vertically specialised energy PE GP with a similar portfolio of operating businesses and infrastructure assets.
  • Quantum Energy Partners: Specialist energy private equity firm focused on oil and gas exploration, production, and energy services. Closely comparable given shared exposure to upstream (Wellesley) and energy services portfolio (Unique Group, CRC Evans).
  • Basalt Infrastructure Partners: European-focused infrastructure investment firm with energy and utilities exposure. Highly comparable as a UK/European-headquartered specialist energy infrastructure investor with overlapping geographic and sector mandate.
  • 3i Infrastructure: Listed UK infrastructure investment company with energy sector exposure. Comparable as a UK-based investment platform with energy infrastructure and operational asset mandates, though listed rather than private.
  • EIG Partners: Global energy and energy-related infrastructure private equity firm. Directly comparable as a specialist energy PE investor with portfolio company operating models across energy supply chain segments.

Broad incumbents

  • Blackstone Energy Partners: Mega-cap private equity platform with dedicated energy and infrastructure strategies. A broad incumbent operating in the same energy PE space with substantially greater scale and capital base than Blue Water.
  • Brookfield Renewable: Global alternative asset manager with a major renewable energy and energy transition platform. Adjacent incumbent in energy infrastructure investment, with similar focus on decarbonisation and energy supply chain value capture.
  • KKR Global Infrastructure: Major infrastructure and energy investment platform within KKR. Comparable in mandate scope across energy infrastructure and operating companies, with materially larger fund sizes and global reach.

Emerging players

  • Quinbrook Infrastructure Partners: Specialist energy transition infrastructure investor focused on renewables, grid services, and decarbonisation. Comparable as a focused energy PE platform with overlapping themes (smart energy services, energy intelligence, infrastructure lifecycle), though at an earlier growth stage.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Blue Water Energy social profiles

Digital presence

Blue Water Energy financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Blue Water Energy leadership team

Management profile

Number of profiles

Profiles7 records

Blue Water Energy subsidiaries and ownership

Company hierarchy

Subsidiaries14 records

Blue Water Energy funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Blue Water Energy M&A and investment

M&A and investment

M&A12 records

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Blue Water Energy

What does Blue Water Energy do?

Blue Water Energy is a specialist private equity firm that provides buy-out and growth capital as well as strategic support to companies operating across the global energy supply chain. The firm pursues investments across oil, gas, power, mining, carbon capture and storage, and hydrogen sectors, applying four value creation levers (corporate carve-outs, industrialisation, buy-and-build, and internationalisation) to acquire and grow portfolio companies. It currently manages a portfolio of 14+ companies spanning critical components manufacturing, smart energy services, energy intelligence and digital systems, and strategic infrastructure lifecycle services.

Is Blue Water Energy a public or private company?

Blue Water Energy is a private company. It is classified as unknown and is currently operating.

When was Blue Water Energy founded?

Blue Water Energy was founded in 2014. It employs 11 to 50 people.

Where is Blue Water Energy based?

Blue Water Energy is headquartered in London, United Kingdom, in the Europe region.

How does Blue Water Energy make money?

Two revenue lines are on record. Private Equity Fund Management is the primary driver. The others are carried Interest / Performance Fees.

Who are Blue Water Energy's main competitors?

Direct peers on record are Energy Capital Partners, ArcLight Capital Partners, Quantum Energy Partners, Basalt Infrastructure Partners, 3i Infrastructure and EIG Partners. Broad incumbents are Blackstone Energy Partners, Brookfield Renewable and KKR Global Infrastructure. Quinbrook Infrastructure Partners is listed as an emerging player.

Does Blue Water Energy have an API?

No public API is recorded for Blue Water Energy.

What industry is Blue Water Energy in?

Blue Water Energy's product category is Private Equity / Energy Investment. Its primary akta.pro industry code is FSANACAG, Energy & Sustainability / Climate Growth Equity, with a secondary code of FSAAAKAG, Renewable Energy Infrastructure.

Unlock the full company data

50 free credits on sign-up, no credit card required.

Contact sales
Live signals
SidleyIt Took Seven Years But PE Firm Proves No Conflict In Sale TransactionThe Delaware Court of Chancery ruled in favor of The Carlyle Group Inc. and its affiliates, dismissing remaining claims that they breached fiduciary duties during the 2017 sale of Authentix Acquisition Company to Blue Water Energy LLP. The court found no evidence of a conflicted controller transaction, determining that the private equity firm's motivations aligned with maximizing value for all stockholders rather than seeking unique benefits or rushing the sale. This decision overturns an earlier procedural loss for the defendants and affirms the application of the business judgment rule despite allegations of liquidity pressures.LexologyCombatting Allegations of “Divided Loyalty”: Important Lessons for Private Equity and Venture Capital Controlling StockholdersThe Delaware Court of Chancery denied in part a motion to dismiss a lawsuit against Carlyle Group Inc. and Authentix Acquisition Company, holding that plaintiffs sufficiently alleged breaches of fiduciary duties regarding the 2017 sale of Authentix to Blue Water Energy LLP. The court found it reasonably conceivable that Carlyle, as a controlling stockholder, received a unique benefit from the transaction while excluding minority shareholders, and that conflicted directors failed to act independently or keep all board members informed. This ruling underscores the legal risks for private equity sponsors when transactions involve divided loyalties among board members and preferential treatment for preferred equity holders.PR NewswireBlue Water Energy LLP to Partner with Apex International EnergyBlue Water Energy LLP has agreed to partner with and invest in Apex International Energy, joining existing investors Warburg Pincus LLC and the International Finance Corporation as shareholders. Apex is a Houston and Cairo-based independent oil and gas exploration and production company focused on Egypt and the broader MENA region, formed in 2016 by former Apache Corporation executives. The joint funding from Blue Water Energy, Warburg Pincus, and IFC will support Apex's investment program including drilling, asset acquisitions, and corporate transactions in Egypt's Western Desert, where the company holds two exploration concessions covering 1.7 million acres.BluewaterpeAuthentix enters into partnership with Blue Water EnergyBlue Water Energy has closed its deal to acquire Authentix, a global authentication and information services company specializing in protecting high-value consumables like oil and gas supplies. Authentix brings over twenty years of experience in combating illicit trade, having marked 1.5 trillion litres of fuel through technologies derived from Shell and Exxon backgrounds.BluewaterenergyBlue Water Energy takes controlling stake in px GroupBlue Water Energy, a London-based global energy private equity firm, has taken a controlling stake in px Group, a Stockton-on-Tees specialist in energy, engineering and process services. The company employs over 400 people and provides operations, maintenance, engineering and energy trading services to European energy and process infrastructure owners. CEO Ian Clifford said the backing will strengthen the company's ability to seize market opportunities.BluewaterpeKENTECH ANNOUNCES STRATEGIC PARTNERSHIP WITH BLUE WATER ENERGYKentech Corporate Holdings Limited, a diversified electrical services provider to the energy and industrial sectors, announced a strategic partnership with private equity firm Blue Water Energy on 23 July 2015. The company said funds raised will support growth of its global service offering and development of engineering and operational personnel. Kentech reported 28% growth last year.